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20131202
20131210
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savings goodbye. a gas tax hike that could wipe them out. ick with innovation. stick with power. stick with technology. get the new flexcare platinum from philips sonicare and save now. philips sonicare. >>> talk about a kick in the gas. a push to double the federal tax on every gallon of gas. to democratic congressman says it's time and it will do some good. you're talking about hiking the tax to more than 33 cents a gallon. that doesn't sound all too good but explain why you think it's a good idea. >> well, first of all, we haven't raised the gas tax in 20 years. during that time the amount that the average motorist pays per mile they drive because of increased full efficiency and inflation, has been cut in half. we are facing for all the talk of a budget deficit, we're facing an infrastructure deficit. and because we have just sort of run the gas tax trust fund down to where it's approaching zero, if we don't do something in the next ten months, we're going to face an inability to fund any transit funding next year, and the federal highway funding will drop 92%. >> what's happened t
it was reported the i.r.s. spent $4 billion in refunds to taxes to people who shouldn't have gotten them, 353 check toss one address in shanghai. 650 checks to lithuania. this is a level of incompetent on a scale because you have bureaucrats with paper, and crooks who have ipads. the second, what i've talked about going back to american enterprise speeches. we were just told with the passing of president nelson mandela that, even though he had visited five times, he was not delisted as a terrorist until 2008. now, how bad does the state department bureaucracy have to be in order to not notice that a sitting president is visiting the country and still on the list. finally something i want to ask governor abercrombie as an example -- >> i can't wait. >> i think this is one you'll be 100% with me. >> if you want a limited number of defense budget, wouldn't you rather see it spent at pearl harbor on real folks in the front lines than seeing it spent in thepentagon? every i.t. as it relates t obamca, relates to the defense partnt theyave a terrible procurement, wouldn't you -- speaking as an alum
have a predictable regulatory environment. we do a good job of educating the kids. we have a good tax break. we're doing all the things -- >> it sounds like you're agreeing with the pope then? >> you look at the result, we have less disparity in the income that can most any other state. we would love to have the pope. he can come to provo anytime. >> you have a deep and personal passion about helping the poor, and i suspect you resonated deeply with pope francis ooze comments which were very powerful and compelling in many ways, but i'm puzzled. wise in the last 30 years we've had dramatic economic growth. i was very fortunate i was there with reagan and with clinton. in the case of the clinton administration when we worked with them, from 1993 to 200, one of the very four people of poverty left poverty, and huge economic growth. about 3 1/2, 4 million people, xw a million and a half people, lost their jobs. why is it so hard to look at the things that have work. try to find a way and say, which of these pieces really worked. find out what are their patterns? and how can we replicate
another massive package including more than $50 billion in spending to help offset sales tax hike. >>> mario draghi should be holding fire, despite the recent drop in inflation. investors eyeing the ecb's economic staff projections. >>> and i told you so. british chancellor george osborne may have reason to gloat. >>> and china's financial institutions are warning against trading bitcoins as the bank admits while there are risks, it could still use the currency. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. hello. a warm welcome to the program. the government has just unveiled an $18.6 trillion yen stimulus package which includes 5.5 trillion yen in fresh spending measures. this is to offset the accuracy in the sales tax which is coming in in april which raises the rate effectively from 8% to 5%. it follows the unveiling of a 10.3 trillion package back in january. a number of measures will be expected as far as this package is concerned. particularly for those on the lower income as well. we will get those measures as soon as
. >> it truly is. >> which is why taxes become an issue. we'll talk about that later in the show. indra petersons loves taxes. >> shopping to taxes, you just took me from here to there. >> she used to work with the irs before getting into weather. >> i'm not listening. just painful right now. let's talk about what's going on in the southeast. still talking about a wave of energy, cloudy, light showers. not a big deal into the southeast. temperatures look at this, they're amazing. we're still talking about temperatures into the 70s through atlanta, especially by tomorrow in through boston, temperatures right where they should, maybe a hint above normal. all of this is going to be changing thanks to a system out west. talk about snow. yes, we're talking about anywhere from wisconsin back through colorado. look at all these winter weather advisories. we know there is a change in store for us out on the east. of course as the system finally makes its way east. for today, 1 to 2 feet of snow, extending farther in through colorado and minnesota. we'll be looking at that as well. you can see t
that want them to collect sales taxes from you. and that means you're probably going to pay more. i'm talking about being taxed on your internet purchases. i'll put it more simply for you. cnn's business correspondent christine romans is in new york to tell us why that's more likely. >> internet shales taxes, carol. supreme court decided it would not hear a case. it was probably the last cyber monday without sales tax for millions. states want tax revenue. online retailers want tax-free shopping. brick and mortar shops want online retailers to have the same taxes. uncollected sales tax, so the states want to find ways to get that tax revenue from web retailers. the sproem court decided not to get involved in appeals from amazon and overstock.com. the court let stand a ruling from a new york court requiring that internet retailers collect sale taxes even if they have no physical present in the state. this effectively ends, carol, ends tax-free shopping online for people and gets other states thinking about how they can bring in more taxes, too, carol. >> christine, thanks. >>> seattl
, but also talking about new fees to raise revenue instead of tax hikes. from what you're hearing this general framework, could you support it? >> well, it depends. the trillion dollars you're talking about is higher than what the existing law is and i would point out that speaking of existing law, we have one that specifies the level of discretionary spending. specifies that at $967 billion. so from my point of view if we're going to spend more than that, then we ought to find offsetting savings some where else, which i'm very much open to. i know our friends on the other side of the aisle want there to be revenue. we're not going to support tax increases. are there some categories of revenue that are of a different nature? >> such as? >> for instance, federal employees have very generous retirement plans. if we asked them to contribute a little bit more to their retirement plan, that gets scored as revenue but i think it's legitimate to see that as savings so it really depends on the composition of the package. >> do you think there will be a deal by the end of the year? >> i th
the memo from the supreme court. it is not a penalty. it's a tax. that tax will be 2.5% of your income in three years. that's how they're going to get, i guess, young people to voluntarily pay more than double. in wisconsin a young man 27 years old, on average his insurance costs will increase by 124%, from about $1,100 a year to over $2,400 a year. that is because of obamacare. the patient protection affordable care act. >> you have obamacare? >> they're trying to get it. we've only gotten a few members of our staff that have been able to sign up so far. i think they've got to sign up today in order to make sure it is in place. my staff is scrambling and my wife is trying to find insurance in the state of wisconsin. >> this week is going to be the medicaid week. the president and the white house are going to be talking about how great it is to expand medicaid. you're not against -- >> brian, we've got to remember in 2009 when this law was being debated, 85% of americans maybe were satisfied with the price of the health care but they liked the health care plan they were on. they liked
percent of canadians are satisfied with their national health care program. it's financed through tax revenues that can reach as high as 50 percent of income. many canadians have come here for things like surgery because wait times are long. with all that in mind. jesse watters ventured out to talk with some canadians. >> socialized canadian health care, what exactly is that? >> i think our health care situation right now is pretty ridiculous. >> we pay a lot of tax but we get a lot for the tax that we pay. >> what's the highest tax bracket here in canada? >> probably 50 percent. >> 50? >> coming from a [ bleep ] homeless [ bleep ] person who gets no access to [ bleep ] health care i think it's a joke. >> you're not crazy about it, are you? >> what is your experience inter acting with the health care system? >> excellent. >> obama is trying to emulate the socialist health care. >> we have a socialist health care? >> i'm on my way to being tammy. my name is tom. >> obama is trying to emulate you. i think it's a train wreck. >> everybody blames canada. >> in this department we have home
much, bill. >>> well, the battle over sales tax for internet purchases heats up. >>> the most and least corrupt countries around the world. >>> plus, an eighth shark attack off the coast of maui in hawaii this season. this one is fatal. we'll have the details coming up next. ooh, homemade soup! yeah... [ male announcer ] campbell's homestyle soup with farm grown veggies. just like yours. huh. [ male announcer ] and roasted white meat chicken. just like yours. [ male announcer ] you'll think it's homemade. i love this show. [ male announcer ] try campbell's homestyle soup. before using her new bank of america credit card, which rewards her for responsibly managing her card balance. before receiving $25 toward her balance each quarter for making more than her minimum payment on time each month. tracey got the bankamericard better balance rewards credit card, which fits nicely with everything else in life she has to balance. that's the benefit of responsibility. apply online or visit a bank of america near you. >>> in the news this morning, a man fishing from a kayak off the coast of maui
names. >> stocks up, too. you're not going to have that big tax loss fear. a lot of people saying i can find inexpensive tech, i don't need to go into the cloud. although apple is saying this is about ibm being wrong and apple being right. >> there has been an expectation of a china mobile deal. >> yes. >> unbeknownst to most people who hold the stock. that being said, 740 million china mobile subscribers, there is a fairly large audience they could conceivably be addressing to try to buy smartphones. >> do you remember the conference call that was the open rebellion against tim cook? it was withone of these things e i thought it was 1948 where stillwell had just lost china and now he's making a move. he did not lose china. >> we'll see. that fortune story has a lot of people talking about whether china mobile makes a big move in this direction, having not carried their phones till now. >> maybe samsung -- don't hear a lot about samsung having a revolutionary new phone. >> no, although they've got a lot of new patents, they're going to do the curve thing or fold thing. >> maybe they hav
. >> any plans to do anything to step up the collection of property taxes to bring in more revenue to the city? >> property taxes are being collected as we speak. i think it's a misnomer, because some of the numbers that i see are numbers that go back to 2009 when i first came into office where it was said there's 100 to $150 million of uncollected taxes. you go back 10 years ago using the same numbers, it's not realistic. number one, a lot of those people are businesses that are no longer here. we need the number as it relates to taxes. the same thing holds true for empty houses. i see the number constantly at 78,000. that's not a right number. it's a moving number on a monthly basis but it's not near to 78,000. >> when you say -- >> that was detroit mayor dave bing speaking on the ruling moments ago that detroit can file chapter 9 bankruptcy. he'll be joining us later this hour. but first "twelve days of christmas" and
is being held back by his tax policies and by obama care mandates on business. there is no question about that that's not what's best. the medical industry in america will suffer from obamacare. it will be harder for working folks to see a doctor and healthcare costs will actually rise because of co-pays and deductible, that's not what's best. barack obama will not believe me and others who see harm to the nation going forward. and that's where we are. and that's the memo. now, for the top story tonight, reaction, joining us from washington, fox news political analyst charles krauthammer. i think it's just theoretical, you know, it's this theoretical world that president obama seems to live in and i'm becoming more and more concerned about that and you say? >> it's also a rhetorical world, theory and rhetoric. it's like king knute being urged by his worshipful acolytes to tell the tides to go backwards and at least knute had the self-consciousness to tell them that can't be done. obama thinks that he is repeal reality with rhetoric. i mean, after all, the one thing he can really do well i
is traveling. >> enough not to pay taxes? >> no, no, i do pay taxes here. and the rates in new york with sales tax and everything and income taxes, state income taxes are roughly the same rate. so the tax equalization. i don't pay double. it gets offset. >> i don't know what that says, now we're equal to -- >> it's about 50%, basically is the marginal rate. >> you think that's fine? >> well, the british government reduced it from 50% to 45% and i thought that was wrong at the beginning of the conservative coalition because they said they were doing it to try and increase entrepreneurial activity. i think the best way to do that is a capital gains tax, not income tax. so i think that was misplaced. and i think at a time when people were worried about inequality and equality, which was high on the political agenda, i think it was the wrong thing to do. >> it brings up a lot of issues about income equality. and we know the one thing that solved income equality is growth and jobs. growth and jobs. not entitlements, not redistribution, it's growth and jobs. and some of the efforts to do it the othe
have come in, in part, because of the tax hikes which created less damage. the fact is washington getting out of the way is a pre-condition for the private sector. >> i'll let austan weigh in on that. 92,000 federal jobs lost overall this year. do you think washington in action and sequester is hurting holding back the growth? >> it is holding back the growth. i thought it would hold back growth more than it did. i think most of the private sector who look at the economy for 2013 say that the austerity and the fiscal drag cut at least one point or almost two points off the system. i think austerity did not help the growth rate. >> i figured you would be opposite sides of the fence. >> 1% of the 1.5% is the tax hike. 1% of the drag this year out of the 1.5. >> i agree with that. >> meantime, signs this week that maybe i don't know, maybe the bailout -- automakers may be worth it. gm and chrysler, double digit numbers. treasury department planning to sell the last of its stock in gm by the end of the year. so interesting to me. do you think this proves what was first president bush
. had he to raise taxes in order to cut the $11 billion deficit. raising taxes is not something that's designed to make you very popular as well as cutting government spending. i spoke with the finance minister and he's pretty b buoyant. the public outcry on that, people are pretty pleased. i did ask him, is this just kicking the can down the road. take a listen. >> we have to reduce government expenses in a way that will not hurt all the services we want to give to the government. the fight for efficiency in all the governments around the world is a hard fight. we know now things we didn't know before about how to do it because we've been doing it for quite a while. this is why things are better now. i think we're going to have a new fiscal rule which will allow us to reduce government expenses in a way that will allow us not to raise taxes. >>ing where do you see that in order not to raise taxes in 2014, 2015. >> i can tell you we're not going to hurt the budgets of education because we are an education modulated government and of course health and welfare. these are the budgets th
we are not spending enough money on education. let's raise taxes and spend more money on education. we spend more money per student than any other country in the world. and yet we're falling further and further behind. your wife also very involved in education reform. i mean it seems so many people have taken a real interest in this over the past decade. and the numbers keep slipping. >> they keep slipping. i'll quote my wife on this. her view is having worked in charter schools and curriculum reform is that there's no silver bullet. what might work in tennessee might not work in arizona, might not work in new york. >> one size fits all does not work. >> there's not a kind of, i don't want to sound like a states rights guy but there's not a national answer to this. it is, in fact, a national security issue. it's about imperial decline. >> mike, a very interesting thing about this study, poland one of the great success stories. one of the things they did was they focused more on who went to traditional colleges and who was moved over to vo tech areas. that is one area we have to rea
talk about, tax, regulations. so talk about what you're hearing on the hill, what you're hearing at the white house. is there a chance to pass minimum wage nationally even through the senate? >> the minimum wage talk -- you hear that much more to the side than the unemployment insurance. steve and his chart noted minimum wage hiked in bush years 2007 the country had not gone through a recession and things were looking good. it took a huge amount of capital from the senators. ted kennedy keys speech pushed the bill over the top. i don't hear much talk or optimism that we're going to get a hike to $10.10. in fact you hear more skepticism about that. with respect to unemployment insurance, you're starting to see the debate heat up in part because it comes at a cruel time. it would be right after christmas, december 28th. you have about 1.3 million people losing benefits. the question is how do you pay for it. right now the cost is about $25 billion so these budget negotiations that are happening right now they are trying to figure out if they can find money to pay for that $25 billi
closure or basically raise taxes locally and support these needed services. we don't have to see this happen. but right now the gridlock in washington is stopping us from getting to a solution that allows these essential services to be provided to everyone because everyone in the community depends upon it. >> brian, that's a really important point. not just poor americans but americans who need health coverage. living in new york city, living in other places across the country, nobody likes to see local hospitals shuttered. it's actually a very emotional thing for a community for a hospital to close its doors. i think that has a profound impact, actually, in terms of this ideological stance that republican governors have taken. >> this is going to sound bloodless to me but a what we're setting up is an expert where the politics of supporting obama care and the ideological tension on the right, whether you should tax wealthy people to finance, subsidize poor people is going to come into conflict with constituent issues. should we be shuttering that don't help, trauma victims and s
in 2008. if you gone out and said people who voted for me i'm going to raise your taxes by $1,000, $2,000. people making 25, $30,000 right out of college. effectively by making them pay more for healthcare is that tax increase. >> a lot not happy with the nsa surveillance. >> younger voters more skeptical of government surveillance it seems. division that a lot of people hadn't heard of edward snowden and evenly split whether he was a patriot or traitor among those who had heard of him. >> what does this mean to the democratic party? people unhappy with the president and unhappy with obamacare and don't like the nsa. are they moving to the republican party or independent or are they just staying home. >> biggest increase is independents. that's still bad news for the democrats. they need the base to turn out in 2014 and 2016. if they're dase luciened. right now young voters are more disillusioned than they were in 2009 before the historical republican wave in 2010. it's looking bad for the democrats right now. >> are the democrats worried about this? do they seem -- see this as a real
's aimed at offsetting the sales tax in april. and the shanghai composite pulled further ahead. meanwhile, the hang seng index added 0.1%. elsewhere, south korea and australia both ended just a tad lower. as for individual stocks, chinese property stocks came under some pressure after the official china securities journal reported beijing may remove caps on property prices next year, replacing them with supply side indicators and concerns still linger over a potential property tax system. now for some outperformers, let's take a look at the region's apple suppliers, seeing a strong boost from hopes that china mobile may reach a deal with apple to offer iphones. some phone displaymakers, cameramakers and case suppliers rebounded some 5% in today's trade. back to you, karen. >> sixuan, thank you very much update. charles has been telling us about this u.s. cash flood that you're expecting. are you saying buy u.s. assets, buy u.s. equities in 20 s14? >> things probably weaken at the moment because a lot of guys made a lot of money this year and they want to cash in and make sure they get the
. they should welcome that, not fear it. >> at the beginning of the year when the taxes went up on the wealthy, the republicans were saying this is going to undermine the overall growth of the u.s. economy because these are the job creators that you're taxing more. that hasn't necessarilily worked out like that so far. >> you capital applaud what we got through the first nine months of this year. we're seeing some strength. i don't think that move helped overall growth. did he it will for other reasons, fairness in taxation. i understand that. the thing weigh need to look for is whether the jobs we're now getting will come from new businesses. historically, new job growth comes from new business escreation. can we see that change, great. >> give me your forecast for 2014. >> i still think we're seeing modest growth, ramping up from 2% to something like 2.4, maybe 2.6. i would like to see us at 3.5. >> 3.6 is pretty impressive. >> we like the sound of 2.6. >> i'd like to see 5 or 6%. douglas aikin, thanks very much for coming in. always good to have you here at cnn. >>> today people in south af
in the world has to do with banking and low taxes. >> all right, let's not change the subject. let's go on to whether or not education is something we ought to care abbut as a competitive -- something to help our competitor. >> there are other things we ought to care about more. we should have an environment that encourages immigrants to come to this country. to innovate. to succeed and to have second chances in life in case they fail the first time. that's more important to make sure they're at the same level. >> but that suggestion we just don't care about this issue, we should be able to walk and chew gum at the same time. and also want an education system that improves. the thing is, we know what you need to do to make it better. it's not spending $115,000 per head. it's having some school choice. having merit-based pay for teachers. and in general giving our kids a better environment especially in k through 12 where their instructors are inspiring them and learn these things. >> that's all true. but this isn't the key to national success. >> okay, brett, thank you. when we come bac
business. >> she was told you need a license to help people with taxes? >> free enterprise. >> this man after selling t-shirt's here for 30 years you must you must, tom. every bay wood is not on my mind. i forgot p that. >> i have no idea what's in these books. >> each and every one of knees is incomplee hencible to -- incomprehensible. >> i am flipping over this book department of energy reege layingses on the formula for sderm inning the energy efficiency of a commercialite maker. somebody who runs a bar or restaurant can go no the manufacturer and give me an ice maker if it works the market will figure out. >> we don't need the federal government printing capri prehencible. they formed a bizarre bure tratic sanders. it doesn't go away. like the cease. i isn't realize i don't exist any more. >> the mexican gray wolf. the pump back whale. the sea lion. these are engangered species they need information. the act i want both respected. if the bureaucrats would take a idead in and move two for tw it. ambassador our nation for future generations. >> they want to use the plan in louisiana t
and your tax rates, they're paying a very low tax rate. >> i know. i covered that as a reporter for the l.a. examiner when i wasn't covering homicide. and i said, boy, the rich people get richer and richer. at that point, i was very involved in the unions. it was an early precursors to what happened. i led a wildcat strike once in my life. >> did you really? >> yes. i did. we got completely annihilated. >> you've done so many things. >> i was one of these protesters. you have to boycott jp stevens? i was wearing jp stevens clothes. everything i did was -- >> one man at a time. >> it was such a disaster. every time i got involved with unions, it was bad. you didn't want me in your union. >> let's get to pisani and see what's moving dow down 25. >> modest declines, moving 279% on that better than expected gdp report. electronic stocks, housing stocks getting hit more than the rest of the markets. gold getting crushed again today. mentioned the gold miners, five-year lows that we've seen recently. i want to take up your question this morning, jim. because i think that's the right question on
think what will happen when you get to year end, a lot of muni funds will be pressured more, tax law selling -- >> lots. >> you'll do okay buying these funds at a discount. >> we won't necessarily see that pressure from the broader market, certainly. people maybe the last couple of years, any harvest, time is running out. >> there's still lots of things to harvest this year. lots of munis you can swap out of. munis are out. those are good places to swap into a different fund if you need to. take the loss, put it in your pocket if you don't need it and carry it forward. tax law accounting is huge in investing. >> we've been out of the muni market for the past 14 to 15 months when munis started getting back over 5% we've been a buyer. we've been aggressively buying municipal bonds. >> rob morgan any opinion on that before we go, quickly? >> absolutely. i think having a portfolio for individual investor tilted more toward short end and rising rate environment makes sense. i think detroit bankruptcy spells trouble more for retirees on pension plans more for than m
argue automation has hollowed out much of the middle class as well because many tax prepares, people like that, you don't need them anymore because you can use your computer to do it. now we're moving into the low wage sector and that's a sector that had been growing. this month, not as much. good news as we got better jobs this month. >> 203,000 jobs created. unemployment rate, the best it's been since november 2008. and you're on track really here for 2 million jobs, you know, 2 million jobs this year. that's not bad. in fact, it's the best we've seen since 2005. also, you know, car sales were good, too. if you're confident enough to buy a car that tells me the economy is turning. >> i think it's a turning point for people who have -- who have a job or are nearly unemployed. nothing has changed for people unemployed here. >> no, it hasn't. they have a much lower confidence in the economy. they're feeling left behind. and they are left behind. >> you're seeing the low wage paycheck to paycheck worker is holding back. somebody who has a job, savings, not under water, they're starting
government shutdown and do keep the spending caps in place and don't raise taxes at a time when the economy is still weak and i think we can accomplish that over the next couple days. >> one issue still being debated extending long-term unemployment benefits. last week house mortgage leader nancy pelosi said any deal must include an extension but dick durbin said that is not the case. >> i don't think we've reached that point where we said this is it take it or leave it. what i hear from patty murray, i spoke to her the other night negotiations are making progress, moving in the right direction. >> congress has scheduled to begin its break this friday and not return until january the 7th. >>> well, a week after that deadly commuter train wreck in new york officials are upgrading signals. the new signals are expected to be up and running this morning. of course, four people were killed last sunday when a metro north train hit a stretch of track at nearly three times the speed limit. metro north now reducing the maximum speeds at 26 locations across the system. an attorney for the engineer op
're going to say wait a second i'm paying higher taxes than anybody in the country other than california. this is like education, this is like health care. it's not that we don't spend enough money because we spend more money per pupil and per patient than any other country on the planet and we spend a lot of money on transportation. why aren't we getting the transportation we deserve from our government? >> well, first of all, joe, stimulus failed for two reasons. one, the percentage of money on stimulus and steve can give you the exact percentage it was very low. barbara boxer and jim inhofe tried to triple the money spent on stimulus and it was beaten back. secondly it was a two year program. you can't repair the infrastructure by patching it up for a year or two. we need a ten year infrastructure revilization program. if we did it and did i want at the right levels we could create four to five million well paying american jobs that couldn't be outsourced. we could bring back american manufacturing. there's some things that could be done by an infrastructure investment program but it
's driving this. they passed a tax increase with the president, but in general not a lot moving. things are going to move on and they are looking and talking about hillary clinton and what's going to happen then in 2017 as if he's a lame duck already. >> that doesn't help. this quote is like -- the problem the president has is that perception among democrats in washington that he's already a lame duck. that's what the quote screams. >> you have to separate out what goes on here. the thinking of people here and the calculations and all that. with the rest of the country. >> but i think what happened this year is that it has infected the culture of the political class who are watching the president. i think that turning that around, even if the health care law, the website begins to work better and there were further signs of improvement. it's a larger problem than bouncing back. >> the bigger issue this year is one of the things about this idea that politics, both parties are a mess. both parties. the president is a mess. the alternative seems like the unexpected in 2014 will be how do t
revenue sharing. >> meaning the state would take the taxes collected from all over the state and it would go back out -- >> yeah, parse it out. one was because of the detroit losing population. most of it, $44 million, what was a state la that went into effect in 2012 just before the city ran out of cash. >> they pass a bill that takes $47 million out of the ledger of detroit, and detroit files for bankruptcy. >> then the emergency manager appointed by the governor, who is virtually a dictator, did the bankruptcy filing. it was the governor's agent. >> the judge said there is not enough evidence to say the fix was in, what was your opinion of -- when people look at detroit, they say classic story of big government gone awry. too many employees and pensions, why did detroit go bankrupt? >> the numbers just don't depict that. we took a good look at the numbers, the great reception drove unemployment up to 30%. it was a devastating event. since the great depression, they cut their budget by 38%. >> so they are spending 38% less? >> yes. the number of employees per capita in detroit, there is
the country. they can raise taxes. that is a lousy option. they raised taxes already. or they can get a bailout. >> imagine how nervous these families are right now. 25 years and 35 years and one thing we can count on is a happy retirement. >> my heart goes out to these people. they earned those pensions, and they are going to be cut. i blame the politicians a generation ago who made promises which cannot be kept. >> and the unions who cut the deals for then not thinking of later. stuart varney, we're going to watch you at 9:20. three minutes before the bottom of the hour. a woman walking her dog is mauled by a bear. >> how old is she? >> i can't tell. she's so bloody, i can't tell. >> a frantic effort to capture the bear before it attacks again. the wildlife officials are using -- what wildlife officials are using to try to lure the animal out. >>> a marine bringing attention to a common problem in the military. >> typical missions for us last up to a week or more and the only food we have is the food we carry with us. >> up next, giving energy to troops everywhere and it's a success
to pay the tax year? >> there's a lot of people positioning themselves for a big number on friday in the nonfarm payroll. they say why not teak profits. alternatively there's a vacuum of information and people say i got a great year. i'm concerned only that when you get to 3 there will be another wave of selling and that may be when you buy. that wave of selling. not this wave. >> do a little picking. always good to pick. >> we did come into this week giving all the reasons why there were very few reasons to sell. >> and that was bad. i fell into that complacency. by the way, there is one place where we saw -- i want to point out i like oil here. you have opec saying all the right things, you have no real cutbacks. you have this glut finally ending because you finally got the selling keystone part out of curbing. that is very good for the domestic oil companies and not so good for the refiners. >> the biggest losers this morning, valero -- >> a lot of people said goi goto get into refineries, i got to get into refineries. michelle caruso-cabrera yesterday with a fabulous piece abo
years instead of 10. dynamic versus status growing. different outcomes and tax policies. >> it seems, though, we've hit a wall here when it comes to fiscal policy in this country. one side says we're spending way too much. and they seem to have a point. the other side says, we need a better, more simplified tax policy. and they have a good point as well. what can you guys bring to the table that will help clarify things to end some of the gridlock that exists so badly in washington right now? >> this is a good question. the first thing you need to make a good decision is good analytics and good commentary. information to make a good decision. we hope to be able to bring really good information that's nonpartisan, reliable and authoritative to the process. that's point one. the other thing i would say is that from my perspective today, in terms of where we are with fiscal policy, both our long-term policy, which is undisciplined and has excessive spending going out forever, and our short-term policy which is tightening, are both wrong. in fact, what you want to do is precisely opposit
side of the businesses, we're hiring in audit and tax space as well. >> wow. obviously, this is going to continue to be a source of growth. the complexity today for any company. they almost have to have someone who's a specialist to deal with these kind of operations. i wonder, for the people you're hiring, we hear sometimes about this bifurcation of the labor market. do you find there's a surplus of workers? >> i hear for years we'll have trouble finding people and for years we're still hiring people. i think people have learned that noting and consulting are good professions. they go to school, even in the job reports it's amazing the differential in employment if you have a college degree versus not a college degree. so, they know there's jobs available right now in those industries. we're -- we seem to -- we seem to be doing very well hiring. the other key is developing them. >> so from your perspective, based on what you're seeing with your clients, how do you assess the economy and the jobs market right now? >> first, most ceos -- cfos are hesitant. their confidence waned in the
had nearly two percentage points of tightening. two percentage points of gdp and, you know, tax hikes and spending cuts last year. previous two years was local. this year less than half a percent. >> we make it smaller spending cuts. last is household wealth. increased again in the third quarter by almost $2 trillion. at the depths of the recession, it was neutral. now they're both going up double digit. that's going to add well over a percentage point to consumer spending. this is the time when growth should pick up. as you said this is also an important time for a couple of reasons because the hope is that cycle starts the broader, more sustainable, more widespread move that helps people get off jobless benefits as they run out. all of these extreme mers prosecute expiring so this has to be the year we see that pick up. food stamps and all of it. >> right. other things have been expiring before like the big fiscal stimulus package. a lot of that has come off already. it may not be great for investors. if you think about this past year, what happened? we
to 1896, jim. >> again, that's people i think not wanting to take tax -- not wanting to have to pay a tax bill. really, again, "usa today" wall street looks like pamplona. you think this is an article which says bubble, bubble, bubble. instead it is about how broad the advance is. it's a very positive article how the advance is different from some of the advance that is have led to big falls. very smart piece. >> the dow's gained year to date three times the gain of last year. do you expect that trend to continue into 2014? in any way? >> i think it's very hard if we forget we will have another washington bruising. right? do you think anything's gotten better there? i mean, we don't mention the health care. everyone talks about the health care site. i saw oracle mentioned as a possible problem in the "the new york times" piece and a thing that dazzles me is how we forget. right now. that there's a republican party that hates the president. but in another month we'll talk about that ian good for 6%, 7%, 8% decline. >> without a doubt and facing the same issues we faced a couple of months a
taxes. >> it breaks it down, the sort of back and forth. it seems to be that rangle is, as they describe it, old school. he's been there for 44 years, harlem congressman. he does it old school and he has seen president obama as an up start, a beginner. he famously backed hillary clinton. and then of course when he was elected, brought na office. charlie rangel thought he would have access to the white house as chairman of the house ways and means committee. he didn't get access. >> and who did? >> al sharpton. that's who they went with for their community outreach. they went with al sharpton over charlie rangel. charlie rangel has been pretty honest about the failures of obama care. the real difference is style. charlie rangel likes other people. he is a warm person. spend an afternoon with charlie rangel. he exsuds an affection for other human beings. that is wholly absent from president obama. name five people close to him? they don't exist. you can name 500 for charlie rangel. >> remember the picture of him on the beach in the dominican republic. he evaded taxes on the cottage. the pr
. again. what about tax reform. they always talk about it. immigration reform. that farm bill is already two years overdue. with all this unfinished business, what are they doing? let me give you a hint. according to "the washington post" only five days are planned in december when the house and the senate will both be in washington. just five days for senators and members of congress to work together and actually solve problems. they don't operate in a vacuum. they can't get work done if they're not both working together or even working. that is a fact. now, that's not to say some are not working. it's the institution that's the problem. the institution has a lousy work ethic. as long as we are content to be the enablers, you and me, it'll get worse. my view, time's up. either they stay in washington for a full month of work in december and prove they really care, or they should be voted out. no questions asked. and regardless of party. if you don't want to work. just go. that's my off the record comment tonight. if you have an important story or issue you think i should take off the re
choice and competition on this marketplace and tax credits that you may be eligible for that can save you hundreds of dollars in premium costs ever month potentially. we need people now that we're getting the technology fixed, we need you to go back and take a look at what's going on because it can make a difference in your lives and lives of your families. and maybe it won't make a difference right now if you're feeling healthy, but i promise you, if somebody in your family heaven forbid gets sick, you'll see the difference. it will make all of the difference for you and your family. i'm going to need help in spreading the word. i'll need help in spreading the word. spread the word about the law, its benefits and its protections and about how folks can sign up, tell your friends and family. do not let the initial problems with the website discourage you. because it's working better now and it's just going to keep working better over time. every day i check to make sure it's working better. and you know, we've learned not to make wild promises about how perfectly smooth it's going to be a
-term deficit reduction in this deal. we're talking about putting off decisions about raising taxes or cutting medicare and social security. we also have a last-minute hangup over unemployment benefits, the extension of unemployment benefits. democrats want that, republicans say they're not that serious about it, it's not clear whether or not democrats are going to put their foot down and say no deal until then. what i think we know is that there will not be a deal today. house leadership aide told me he expects early next week a deal to be announced by patty murray, the democratic chair of the budget committee in the senate. paul ryan, the republican budget committee chair in the house. then the house and senate pass it before christmas. they leave next week actually for their christmas break. so they would end the year on a positive note. it would dramatically reduce the risk of a government shutdown in january and does not resolve our long-term budget issues. >> does it resolve the debt ceiling deadline which is some time in early february? would that be taken care of here? >> don't think i
the budget caps in place, not raise taxes, which is important during this weak economy, and actually avoid a government shutdown. so i'm hopeful that even by the end of this week we'll be able to come together and achieve that. >> i certainly hope as part of it that the negotiators will take to heart what the president had to say. there are working families across america that are struggling. there are unemployed families who need a helping hand. we've got to protect and preserve the safety net in america and give these working families a fighting chance. >> so alex, of course there you have republican rob portman, democrat dick durbin. and you heard senator durbin talking about unemployment insurance. that is still the main sticking point. democrats, the president want unemployment insurance extended for 1.3 million americans. that's expected to expire at the end of the year. they say if that's not continued, it would be bad for those workers and also bad for the economy. republicans say look at these latest job figures. they're an indication that we don't need more stimulus spending. but
with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress goes home. it is a minimum achievement for people to cheer about. >> john, it is interesting when you talk about some of the little sticking points here. one is the benefits for the long-term unemployed. that is making up a record percentage of the people in this country who are unemployed. do you get the sense that congress is looking at the jobs report and saying, hey, maybe we shouldn't move the needle on that right now? >> i think that is difficult in part, because when you look at the size of this deal, we are only talking about $90 billion over two years of lifting the sequester caps and replacing them. it is more of a reshuffle. the unemployment extension would cost $25 billion. that is a very large chunk of change to add on to that p
the facts. there are currently no credit score or income requirements to qualify. you can get tax-free money from the equity in your home. you can use the money to pay off your current mortgage if you have one. the remaining money can be used for anything. there's no monthly mortgage payments. and you still own your home! call today to get your free guide and dvd. it explains how a government-insured reverse mortgage works. there's no obligation. one reverse mortgage is a quicken loans company. their licensed experts can answer all your questions. call to find out what a great solution this can be. don't wait, call now! >>> some scary breaking news out of toledo, ohio, this morning. it's a high school at the old west end of toledo. we understand from the police and affiliate reports that there may be a 15-year-old with a gun inside scott high school. now, we don't know for sure if that's true. but we do know authorities have contained a student who is 15 years old to one classroom. and we do know that negotiators are now on the scene trying to talk that student out of that classroom. accordi
no credit score or income requirements to qualify. you can get tax-free money from the equity in your home. you can use the money to pay off your current mortgage if you have one. the remaining money can be used for anything. there's no monthly mortgage payments. and you still own your home! call today to get your free guide and dvd. it explains how a government-insured reverse mortgage works. there's no obligation. one reverse mortgage is a quicken loans company. their licensed experts can answer all your questions. call to find out what a great solution this can be. don't wait, call now! >>> health officials in north carolina con if i wering three adults have now died of complications from the flu. the first flu deaths in a year in that state. we have an expert here with us from nashville. good morning. >> good moung. >> so when you hear these things, it's pretty scary. people die from the flu every year, we hear. will this year be particularly bad? >> well, it's difficult to know because we're still very early in the season. it's important to realize that the flu season has come very mu
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